Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-07-31
FINANCIAL FURRY.
A PANIC DEVELOPED ON CHANGE IN
WALL STREET.
gapid Eecline in Active Stocks Caused by
KOn-kppearance Of the Privileged
Broker-West Point Terminal
Tumblos.
fyy telegram TO tho DISPATCH

New York. July 30.-The selling
Yesterday, which caused heavy hquIda-
lion in the afternoon, developed into
panic at the opening of the Exchange
this morning, aud stocks were sold at
apy sacrifice, the only object OF the
brokers seeming to be that Of closing
tie accounts OF the ruined spectators.
The greatest cause of decline WAS the
non-appearance OF Harry Powers, who
took tie place Of Russell Sage as the
i,ading writer OF privileges on the
street. lis business was enormous,
and many operators held his puts and
cal!s rs security against their stocks.
It the Office OF Gould d Henry, who
90 most Of Powcrs's stock Exchange
lusiucss. no statement can be obtained,
although one Of the 0tGchcS admitted
t.at Powers WAS embarrassed, but
would probably come out all right and
settle everything in full. There need
bo no suspension to-day, even though
lie is bankrupt, as Il half.holiday pre-
yeIts any stock being put to him to-
Gay.
lie news Of the non appearance OF
Powers caused the Offering Of stocks IN
such volume that prices began rapid
decline. which was only limited by the
met that 10 cash could be realized from
any sales made to-day. Reading fell
b per cent. III the first hour, Northwest
o /, St. paul ., Missouri Pacific, 9
Canada Southern g., Richmond Iermi-
nai -, and Western Union q.
The short session on the stock mar
ket to-day YVES the livcliest that has
been seen since the break of Jane
2its, and the encouragement OF The
bulls noticed Yesterday quickly devel-
oped into panic, stocks being thrown
over right and left and very many ac-
counts wiped out on the long side.
~tou-Oricrs were met in nearly all the
active lists, while the only buying no.
ticcable was by London and the cover
lug Of shorts. 10 aid the depression
The privilege broker rumored yesterday
10 be in trouble did not make his APP
pcurance upon the street, and his col
lateral WIS dumped upon the market.
Dealings were very large and the mar
lCt extremely feyerish throughout,
with very violent fluctuations, the
fact chat the session would last but two
hours aiding TO make the demoraliza-
ton greater. as every one was in Il
hurry to get ont. There was not a
stock on the list that was held, bat all
declined together, the losses differing
only in degree, while the coal stocks,
heading, and Lackawanna recorded
tbe heaviest losses among the active
list. The inactive stocks were
comparatively neglected, though few Of
Them showed very wide fluctuations.
4 1Glt was made, and the presumption
s that tie leaders Of tie bear move
merit were afraid to let the decline go
.uithcr The opening was generally
heavy, though the declines from last
evenings Trlccs were for small fractions
only, hut the great pressure to sell
Knocked prices oil Immediately, ana
doclinos ranging up to / per cent
we're made in the first half hour. The
shalt reaction was followed imme-
diMcly 10y a renewal OF the decline,
and everything went of with n
lush. Tie lowest figures were
reached about lli5, when the
losses ranged up to nearly 5 per
cent from yesterdays final figures. A
smart and rapid recovery of l to q
ror cent. followed, but It's force was
soon spent and prices again settled
Gown, the final figures in many cases
bong the lowest OF the day. The close
was active, fcverish. AMI unsettled, at
or near the lowest figures. The bust
ness done amounted TO 2G5, 600 shares.
Everything is materially lower, the
principal declines being Reading 3.
Canada Southern ., Tennessee Coal
-. Richmond and West Point -, New
England -, Colorado Coal q, North
west -, Omaha ., st. Paul. Pacific
Mul, Oregon Transcontinental, Nan
haitian, and Leckawanna 2, ana others
suallef amounts.